International Assets Investment Management LLC Raises Stock Holdings in RPC, Inc. (NYSE:RES)

International Assets Investment Management LLC boosted its position in shares of RPC, Inc. (NYSE:RES) by 632.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,125 shares of the oil and gas company’s stock after buying an additional 4,425 shares during the quarter. International Assets Investment Management LLC’s holdings in RPC were worth $37,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in RES. SG Americas Securities LLC purchased a new stake in shares of RPC during the third quarter worth about $455,000. Raymond James Financial Services Advisors Inc. purchased a new stake in RPC in the 3rd quarter worth approximately $95,000. GW Henssler & Associates Ltd. purchased a new stake in RPC in the 3rd quarter worth approximately $175,000. Inspire Investing LLC bought a new stake in shares of RPC in the 3rd quarter worth approximately $308,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of RPC by 7.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 22,901 shares of the oil and gas company’s stock valued at $205,000 after buying an additional 1,548 shares during the period. Institutional investors own 41.06% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Susquehanna dropped their price target on RPC from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Friday, April 26th.

RPC Stock Performance

RES stock opened at $6.55 on Thursday. RPC, Inc. has a fifty-two week low of $6.34 and a fifty-two week high of $9.41. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 9.36 and a beta of 1.60. The business’s 50 day moving average price is $7.62 and its two-hundred day moving average price is $7.48.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.06). RPC had a return on equity of 15.02% and a net margin of 9.95%. The firm had revenue of $377.80 million during the quarter, compared to analysts’ expectations of $393.33 million. During the same period in the previous year, the company earned $0.39 earnings per share. RPC’s revenue for the quarter was down 20.7% on a year-over-year basis. Sell-side analysts forecast that RPC, Inc. will post 0.71 earnings per share for the current year.

RPC Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, May 9th. This represents a $3.76 annualized dividend and a yield of 57.45%. This is a positive change from RPC’s previous quarterly dividend of $0.04. RPC’s payout ratio is presently 22.86%.

RPC Company Profile

RPC, Inc, through its subsidiaries, engages provision of a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services segment offers pressure pumping, fracturing, acidizing, cementing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.